Today, the Central Bank of the United Arab Emirates reviewed the statement issued regarding the new package of sanctions once morest the Russian Federation, including the sanctions imposed on MTS Bank, and the Central Bank would like to emphasize the following:
The Central Bank granted a license to MTS Bank to open a branch in Abu Dhabi, according to the licensing procedures approved by it, following the bank met the criteria for licensing branches of foreign banks.
The Bank contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE, under the supervision of the Central Bank.
The Central Bank reviewed the anti-money laundering and combating the financing of terrorism policies of the branch, and examined the related electronic systems before starting the branch’s operations in the UAE, according to the requirements for licensing banks to operate in the UAE, and given the circumstances that the bank’s headquarters country is going through, the Central Bank supervised the transactions. associated with financing trade that exceeds a certain limit.
The Central Bank is currently studying the available options regarding the status of the new bank, and will take the appropriate decision in this regard at the time, taking into account the obligations incurred by the branch during the previous period.
